No-moat Bradesco will struggle to match the returns achieved over the past decade.
Bank Bradesco finished out 2017 with mostly stable results and announced significantly improved guidance. The Brazilian bank earned recurring net income of BRL 4.8 billion. Net interest income improved by 2.9% on a sequential basis, but most of these gains were consumed by increases in impairments and provision expense. Much of this growth in higher provisions was a result of the third quarter’s unusually low loan-loss expenses. Decreasing interest rates have detracted from Bradesco’s returns. B...
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